<p>罗素 2000 指数在 2026 年以火花四射的方式开局，冲击新高，并从华尔街长期主导的科技精英——所谓的 “七大奇迹” 中抢走了风头。</p>
<p>截至 1 月 15 日，小型股基准——由 <strong>iShares Russell 2000 ETF</strong>（NYSE: IWM）跟踪——在过去 10 个交易日中每个交易日都创下了盘中记录新高。</p>
<p>在同一时期，小型股每天都超过大型股，超越了由 <strong>SPDR S&amp;P 500 ETF Trust</strong>（NYSE: SPY）跟踪的基准。</p>
<p>要找到这样的连胜纪录，投资者需要追溯到 2008 年 6 月。</p>
<p>截至目前，罗素 2000 指数上涨超过 7%，大幅超过标准普尔 500 指数的温和 1.5% 涨幅。与此同时，<strong>Roundhill Magnificent Seven ETF</strong>（NYSE: MAGS）今年表现平平。</p>
<h2>罗素 2000 是 2026 年的早期明星——小型股超越标准普尔 500 指数，创下自 2008 年以来最长连胜纪录</h2>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/01/15144540/image-259-1024x542.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/01/15144540/image-259-1024x542.png"/></p>
<h2>为什么小型股现在在上涨？</h2>
<p>关键驱动因素是宏观环境的改善。强于预期的经济数据正在重塑小型公司的盈利前景。</p>
<p>亚特兰大联邦储备银行的 GDPNow 模型现在估计美国经济在第四季度以 5.3% 的年化速度增长——这一增速自 2014 年中以来在疫情后时期未曾见过。</p>
<p>虽然贸易赤字的缩小有助于提升这一头条数字，但潜在的强劲表现指向家庭消费的韧性和强劲的商业投资。</p>
<p>在疫情后的反弹之外，这种增速是罕见的——上一次出现在 2014 年第二季度，之前是 2006 年初。</p>
<p>“小型股的修正显著改善，超出了盈利季节的正常水平，” 22V Research 分析师 <strong>Dennis DeBusschere</strong> 在最近的一份报告中表示。</p>
<p>“这支持了小型股在年初的表现。大型股和中型股的修正仍然是负面的，大致遵循历史模式，” 他补充道。</p>
<h2>小型股盈利修正闪现罕见信号</h2>
<p>根据 22V Research，提前发布第四季度盈利指导的小型公司比例激增，超过了中型和大型公司。这是自 2025 年 1 月以来首次发生这种情况。</p>
<p>历史上，这种情况是罕见且强大的。类似的模式出现在 2019 年、2021 年和 2025 年初的特定时期——这些时期都预示着小型股的持续超越。</p>
<p>“小型股正在折现更好的基本面，” DeBusschere 表示，并补充说这种情况支持近期的持续超越。</p>
<h2>技术面指向更多上涨空间</h2>
<p>从技术角度来看，美国银行认为还有进一步上涨的空间。</p>
<p>根据美国银行首席技术策略师 <strong>Paul Ciana</strong> 的说法，罗素 2000 指数在突破多年的区间并形成大基底模式后，似乎有望延续其反弹。</p>
<p>Ciana 认为上涨目标在 2642、2861，甚至可能高达 3000，2,450 区域有显著支撑，2,300 附近有关键支撑。</p>
<p>随着盈利动能加速、经济增长稳固以及技术突破不断积累，2026 年初正在形成经典的 “大卫与歌利亚” 叙事，小型股重新占据投资者投资组合的中心舞台。</p>
<h2><strong>收益来自哪里</strong></h2>
<p>此次反弹是广泛的：约 77% 的罗素 2000 成分股今年上涨。</p>
<p>尽管如此，少数高飞的股票对指数的整体回报贡献显著。</p>
<p>四只小型股在不到两周的时间内实现了三位数的回报。<strong>Erasca Inc.</strong>（NASDAQ: ERAS）飙升 153%，<strong>Critical Metals Corp.</strong>（NASDAQ: CRML）上涨 149%，<strong>Alumis Inc.</strong>（NASDAQ: ALMS）跳涨 147%，<strong>Bakkt Holdings Inc.</strong>（NYSE: BKKT）攀升 102%——所有这些都在不到两周的时间内实现。</p>
<p>五个个股共同为罗素的 7% 年初至今的反弹贡献了超过 1 个百分点：</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>安全名称</td>
<td>在 RTY 指数中的权重</td>
<td>回报（年初至今）</td>
<td>贡献（基点）</td>
</tr>
<tr>
<td><strong>Bloom Energy Corporation</strong>（NYSE: BE）</td>
<td>0.94%</td>
<td>63.41%</td>
<td>+39</td>
</tr>
<tr>
<td><strong>Kratos Defense &amp; Security Solutions, Inc.</strong>（NASDAQ: KTOS）</td>
<td>0.65</td>
<td>64.48</td>
<td>+28</td>
</tr>
<tr>
<td><strong>AeroVironment, Inc.</strong>（NASDAQ: AVAV）</td>
<td>0.46</td>
<td>57.64</td>
<td>+18</td>
</tr>
<tr>
<td><strong>Hecla Mining Company</strong>（NYSE: HL）</td>
<td>0.49</td>
<td>31.38</td>
<td>+13</td>
</tr>
<tr>
<td><strong>TTM Technologies, Inc.</strong>（NASDAQ: TTMI）</td>
<td>0.32</td>
<td>49.36</td>
<td>+11</td>
</tr>
</tbody>
</table>
<p><em>图片来源：Shutterstock</em></p>

CRML

<p>罗素 2000 指数在连续 10 个交易日中表现优于标准普尔 500 指数，这得益于强劲的经济数据和小型股盈利预期的上升。截至 2026 年 1 月 15 日，罗素 2000 指数年初至今上涨超过 7%，而标准普尔 500 指数仅上涨 1.5%。分析师指出，小型公司提高盈利指引的情况显著增加，这是一种罕见现象，历史上通常预示着持续的优异表现。技术指标显示罗素 2000 指数有进一步上涨的潜力，市场的广泛参与推动了这一反弹，其中包括 Erasca Inc.和 Critical Metals Corp.等股票的显著表现</p>

<p>The Russell 2000 kicked off 2026 with fireworks, storming to fresh highs and stealing the spotlight from Wall Street's long-dominant tech elite, the so-called Magnificent Seven.</p>
<div class="lb-trans"><p>罗素 2000 指数在 2026 年以火花四射的方式开局，冲击新高，并从华尔街长期主导的科技精英——所谓的 “七大奇迹” 中抢走了风头。</p>
</div><p>As of Jan. 15, the small-cap benchmark — tracked by the <strong>iShares Russell 2000 ETF</strong> (NYSE: IWM) — has notched intraday record highs in each of the past 10 sessions.</p>
<div class="lb-trans"><p>截至 1 月 15 日，小型股基准——由 <strong>iShares Russell 2000 ETF</strong>（NYSE: IWM）跟踪——在过去 10 个交易日中每个交易日都创下了盘中记录新高。</p>
</div><p>During the same stretch, small caps outperformed large caps every single day, beating benchmarks tracked by the <strong>SPDR S&amp;P 500 ETF Trust</strong> (NYSE: SPY).</p>
<div class="lb-trans"><p>在同一时期，小型股每天都超过大型股，超越了由 <strong>SPDR S&amp;P 500 ETF Trust</strong>（NYSE: SPY）跟踪的基准。</p>
</div><p>To find a streak like this, investors need to go back to June 2008.</p>
<div class="lb-trans"><p>要找到这样的连胜纪录，投资者需要追溯到 2008 年 6 月。</p>
</div><p>Year-to-date, the Russell 2000 is up more than 7%, sharply outpacing the S&amp;P 500's modest 1.5% gain. Meanwhile, the <strong>Roundhill Magnificent Seven ETF</strong> (NYSE: MAGS) has gone nowhere, flat on the year.</p>
<div class="lb-trans"><p>截至目前，罗素 2000 指数上涨超过 7%，大幅超过标准普尔 500 指数的温和 1.5% 涨幅。与此同时，<strong>Roundhill Magnificent Seven ETF</strong>（NYSE: MAGS）今年表现平平。</p>
</div><h2>Russell 2000 Is 2026's Early Star — Small Caps Outperform S&amp;P 500 for Longest Streak Since 2008</h2>
<div class="lb-trans"><h2>罗素 2000 是 2026 年的早期明星——小型股超越标准普尔 500 指数，创下自 2008 年以来最长连胜纪录</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/01/15144540/image-259-1024x542.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2026/01/15144540/image-259-1024x542.png"/></p>
<h2>Why Are Small Caps Rallying Now?</h2>
<div class="lb-trans"><h2>为什么小型股现在在上涨？</h2>
</div><p>The key driver has been an improving macro backdrop. Stronger-than-expected economic data is reshaping the earnings outlook for smaller firms.</p>
<div class="lb-trans"><p>关键驱动因素是宏观环境的改善。强于预期的经济数据正在重塑小型公司的盈利前景。</p>
</div><p>The Atlanta Fed's GDPNow model now estimates the U.S. economy grew at a 5.3% annualized rate in the fourth quarter — a pace not seen outside the post-pandemic period since mid-2014.</p>
<div class="lb-trans"><p>亚特兰大联邦储备银行的 GDPNow 模型现在估计美国经济在第四季度以 5.3% 的年化速度增长——这一增速自 2014 年中以来在疫情后时期未曾见过。</p>
</div><p>While a shrinking trade deficit is helping to boost the headline figure, the underlying strength points to resilient household consumption and robust business investment.</p>
<div class="lb-trans"><p>虽然贸易赤字的缩小有助于提升这一头条数字，但潜在的强劲表现指向家庭消费的韧性和强劲的商业投资。</p>
</div><p>Outside of the post-pandemic rebound, growth at this pace has been rare — last seen in the second quarter of 2014, and before that in early 2006.</p>
<div class="lb-trans"><p>在疫情后的反弹之外，这种增速是罕见的——上一次出现在 2014 年第二季度，之前是 2006 年初。</p>
</div><p>“Small cap revision have improved significantly ahead of the earnings season, stronger than normal,” said 22V Research analyst <strong>Dennis DeBusschere</strong> in a recent note.</p>
<div class="lb-trans"><p>“小型股的修正显著改善，超出了盈利季节的正常水平，” 22V Research 分析师 <strong>Dennis DeBusschere</strong> 在最近的一份报告中表示。</p>
</div><p>&#34;That supports small-cap performance to start the year. Large- and mid-cap revisions remain negative, roughly following historical patterns,&#34; he added.</p>
<div class="lb-trans"><p>“这支持了小型股在年初的表现。大型股和中型股的修正仍然是负面的，大致遵循历史模式，” 他补充道。</p>
</div><h2>Small-Cap Earnings Revisions Flash a Rare Signal</h2>
<div class="lb-trans"><h2>小型股盈利修正闪现罕见信号</h2>
</div><p>According to 22V Research, the percentage of small-cap companies raising guidance ahead of fourth-quarter earnings has surged, overtaking both mid- and large-cap universes. It's the first time this has happened since January 2025.</p>
<div class="lb-trans"><p>根据 22V Research，提前发布第四季度盈利指导的小型公司比例激增，超过了中型和大型公司。这是自 2025 年 1 月以来首次发生这种情况。</p>
</div><p>Historically, this setup has been rare and powerful. Similar patterns appeared during select periods in 2019, 2021, and early 2025 — all of which preceded sustained stretches of small-cap outperformance.</p>
<div class="lb-trans"><p>历史上，这种情况是罕见且强大的。类似的模式出现在 2019 年、2021 年和 2025 年初的特定时期——这些时期都预示着小型股的持续超越。</p>
</div><p>&#34;Small caps are discounting better fundamentals,&#34; DeBusschere said, adding that the setup supports continued outperformance in the near term.</p>
<div class="lb-trans"><p>“小型股正在折现更好的基本面，” DeBusschere 表示，并补充说这种情况支持近期的持续超越。</p>
</div><h2>Technicals Point to More Upside</h2>
<div class="lb-trans"><h2>技术面指向更多上涨空间</h2>
</div><p>From a technical perspective, Bank of America sees room for further gains.</p>
<div class="lb-trans"><p>从技术角度来看，美国银行认为还有进一步上涨的空间。</p>
</div><p>After breaking out of a multi-year range and forming a large base pattern, the Russell 2000 looks positioned to extend its rally, according to <strong>Paul Ciana</strong>, chief technical strategist at Bank of America.</p>
<div class="lb-trans"><p>根据美国银行首席技术策略师 <strong>Paul Ciana</strong> 的说法，罗素 2000 指数在突破多年的区间并形成大基底模式后，似乎有望延续其反弹。</p>
</div><p>Ciana sees upside targets at 2,642, 2,861 and potentially as high as 3,000, with notable support in the 2,450 area and critical support near 2,300.</p>
<div class="lb-trans"><p>Ciana 认为上涨目标在 2642、2861，甚至可能高达 3000，2,450 区域有显著支撑，2,300 附近有关键支撑。</p>
</div><p>With earnings momentum accelerating, economic growth firming, and technical breakouts stacking up, early 2026 is setting up as a classic David-versus-Goliath narrative, with small caps reclaiming center stage in investor portfolios.</p>
<div class="lb-trans"><p>随着盈利动能加速、经济增长稳固以及技术突破不断积累，2026 年初正在形成经典的 “大卫与歌利亚” 叙事，小型股重新占据投资者投资组合的中心舞台。</p>
</div><h2><strong>Where The Gains Are Coming From</strong></h2>
<div class="lb-trans"><h2><strong>收益来自哪里</strong></h2>
</div><p>The rally has been broad-based: about 77% of Russell 2000 constituents are up this year.</p>
<div class="lb-trans"><p>此次反弹是广泛的：约 77% 的罗素 2000 成分股今年上涨。</p>
</div><p>That said, a handful of high-flyers have contributed meaningfully to the index's overall return.</p>
<div class="lb-trans"><p>尽管如此，少数高飞的股票对指数的整体回报贡献显著。</p>
</div><p>Four small-cap stocks delivered triple-digit returns in less than two weeks. <strong>Erasca Inc.</strong> (NASDAQ: ERAS) surged 153%, <strong>Critical Metals Corp.</strong> (NASDAQ: CRML) gained 149%, <strong>Alumis Inc.</strong> (NASDAQ: ALMS) jumped 147%, and <strong>Bakkt Holdings Inc.</strong> (NYSE: BKKT) climbed 102% — all in less than two weeks.</p>
<div class="lb-trans"><p>四只小型股在不到两周的时间内实现了三位数的回报。<strong>Erasca Inc.</strong>（NASDAQ: ERAS）飙升 153%，<strong>Critical Metals Corp.</strong>（NASDAQ: CRML）上涨 149%，<strong>Alumis Inc.</strong>（NASDAQ: ALMS）跳涨 147%，<strong>Bakkt Holdings Inc.</strong>（NYSE: BKKT）攀升 102%——所有这些都在不到两周的时间内实现。</p>
</div><p>Five individual names together contributed over 1 percentage point to the Russell's 7% year-to-date rally:</p>
<div class="lb-trans"><p>五个个股共同为罗素的 7% 年初至今的反弹贡献了超过 1 个百分点：</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Security Name</td>
<td>Weight in RTY Index</td>
<td>Return (YTD)</td>
<td>Contribution (basis points)</td>
</tr>
<tr>
<td><strong>Bloom Energy Corporation</strong>(NYSE: BE)</td>
<td>0.94%</td>
<td>63.41%</td>
<td>+39</td>
</tr>
<tr>
<td><strong>Kratos Defense &amp; Security Solutions, Inc.</strong> (NASDAQ: KTOS)</td>
<td>0.65</td>
<td>64.48</td>
<td>+28</td>
</tr>
<tr>
<td><strong>AeroVironment, Inc.</strong>(NASDAQ: AVAV)</td>
<td>0.46</td>
<td>57.64</td>
<td>+18</td>
</tr>
<tr>
<td><strong>Hecla Mining Company</strong> (NYSE: HL)</td>
<td>0.49</td>
<td>31.38</td>
<td>+13</td>
</tr>
<tr>
<td><strong>TTM Technologies, Inc.</strong>(NASDAQ: TTMI)</td>
<td>0.32</td>
<td>49.36</td>
<td>+11</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>安全名称</td>
<td>在 RTY 指数中的权重</td>
<td>回报（年初至今）</td>
<td>贡献（基点）</td>
</tr>
<tr>
<td><strong>Bloom Energy Corporation</strong>（NYSE: BE）</td>
<td>0.94%</td>
<td>63.41%</td>
<td>+39</td>
</tr>
<tr>
<td><strong>Kratos Defense &amp; Security Solutions, Inc.</strong>（NASDAQ: KTOS）</td>
<td>0.65</td>
<td>64.48</td>
<td>+28</td>
</tr>
<tr>
<td><strong>AeroVironment, Inc.</strong>（NASDAQ: AVAV）</td>
<td>0.46</td>
<td>57.64</td>
<td>+18</td>
</tr>
<tr>
<td><strong>Hecla Mining Company</strong>（NYSE: HL）</td>
<td>0.49</td>
<td>31.38</td>
<td>+13</td>
</tr>
<tr>
<td><strong>TTM Technologies, Inc.</strong>（NASDAQ: TTMI）</td>
<td>0.32</td>
<td>49.36</td>
<td>+11</td>
</tr>
</tbody>
</table>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

大卫与巨人：为何小盘股正在击败辉煌的七大巨头